Get Instant Loan up to ₹10 Lakh!
PFC records 7% sequential rise in Q1 PAT to ₹4,579.5 cr, declares dividend
- PFC has announced an interim dividend for FY23 and a record date has been fixed.
- In Q1FY23, PFC posted a consolidated net profit of ₹4,579.53 crore up by a fractional 0.54% from ₹4,554.98 crore in the same quarter last year.
Government-owned financial backbone of the power sector, Power Finance Corporation (PFC) witnessed lacklustre earnings for the quarter ending June 30, 2022 (Q1FY23). Also, PFC has announced an interim dividend for FY23 and a record date has been fixed. In Q1FY23, PFC posted a consolidated net profit of ₹4,579.53 crore up by a fractional 0.54% from ₹4,554.98 crore in the same quarter last year.
However, Q1 PAT jumped by 6.60% from ₹4,295.90 crore in the preceding quarter.
Consolidated revenue from operations stood at ₹18,532.25 crore in Q1FY23 down by 2.3% from ₹18,965.18 crore in Q1 of last fiscal. Meanwhile, revenue dipped by 1.70% compared to ₹18,853.18 crore.
In Q1FY23, PFC posted an interest income of ₹18,305.53 crore lower than ₹18,689.84 crore of Q1FY22 but edged higher from ₹18,261.21 crore of Q4FY22.
Also, total expenses dropped to ₹13,032.77 crore in Q1FY23 against ₹13,409.05 crore in Q1FY22 and ₹13,427.63 crore in Q4FY22.
On Friday, the company's board approved an interim dividend of ₹2.25 per equity share on the face value of the paid-up equity shares of ₹10 each for the current financial year.
PFC has fixed September 3 as the record date for determining eligible shares for the payment of dividends. The company plans to pay or dispatch the dividends on or before September 11, 2022.
Notably, the PFC shares will turn ex-dividend the day before the record date for the interim dividend.
When a company earns profit they share a portion of the surplus with shareholders who hold their stocks and that is called a "dividend".
Generally, the ex-dividend date for a stock is the business day before the record date of declaring eligible shareholders for the payout. This also means that investors who buy the stock on the ex-dividend date or later will not be eligible for dividends announced for a particular fiscal by the company.
Also, the company's board approved subscription of 50% equity shareholding not exceeding ₹50 crore in PFC Projects (erstwhile Coastal Karnataka Power), a 100% subsidiary of PFC, in the Power Asset Management Company as a 50:50 joint venture company with REC, for taking over stressed/ NPA assets in the power sector, subject to requisite approvals, as per the regulatory filing.
On BSE, PFC shares closed at ₹120.65 apiece higher by 1.17%. The company's market cap is around ₹31,852.59 crore.
Incorporated in July 1986, PFC is a leading NBFC providing financial assistance to power projects across India including generation, transmission, distribution, and RM&U projects.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsCompaniesCompany ResultsPFC records 7% sequential rise in Q1 PAT to ₹4,579.5 cr, declares dividend
First Published:12 Aug 2022, 05:18 PM IST
- Top Gainers
- Top Losers
- 52 Week High